Hong Kong to outline ambition to become top virtual asset hub

HONG KONG wants to become an international centre for virtual assets as the city seeks to bolster its status as a global financial hub following the disruptions caused by the pandemic.

The government will announce its framework for developing virtual assets – such as cryptocurrencies and non-fungible tokens – during Hong Kong’s Fintech Week from Oct 31 to Nov 4, Financial Secretary Paul Chan said in a blog post on Sunday (Oct 16). The policies will include a regulatory system and trial programmes for the assets, Chan said. 

Fintech Week has attracted participants from more than 500 organisations and over 200 speakers from China and abroad, Chan noted. 

Hong Kong has lost its crown as Asia’s top financial centre to long-time rival Singapore, after years of political turmoil and Covid-19 restrictions caused the economy to slow and talent to flee.

The city last month scrapped its hotel quarantine requirements for visitors arriving via the airport, and is considering a package of policies including easing property taxes and visa restrictions to attract workers from mainland China and overseas. BLOOMBERG